Originally published on: December 08, 2024
Bitcoin is currently facing a tough battle at the $100,000 level as bulls and bears fight for control. While the near-term outlook remains uncertain, analysts maintain a long-term bullish view on Bitcoin’s price. Quinten François of WeRate even suggests that Bitcoin is entering a euphoric stage that could last up to 12 months before reaching a cycle top.
In addition to Bitcoin, the recent US presidential election has also impacted the prices of altcoins. However, there are concerns that venture capitalists and teams may start booking profits aggressively, potentially leading to a downward trend.
Amidst this backdrop, traders are closely watching select altcoins to see if they will outperform in the near term. Let’s dive into the top five cryptocurrencies showing a strong chart structure.
Bitcoin seems to be consolidating near the $100,000 mark, with bulls showing resilience but facing resistances. A breakout above $104,088 could signal a bullish momentum towards $125,000, while a support level at $95,285 is crucial to watch.
Dogecoin (DOGE) is trading within an ascending channel pattern, indicating a strong buyer presence. Resistance at $0.48 remains a key level to break for further upside potential.
Sui (SUI) faces resistance near $4.50, but bullish momentum suggests a possible rally to $5.31 if key support levels are maintained.
Pepe (PEPE) is battling resistance at $0.000027, with buyers currently in control. A break above this level could push the price towards $0.000044.
Fantom (FTM) broke above $1.23 recently, showing strong buying interest. A further push towards $2 is possible if support at $1.23 holds.
As traders continue to watch Bitcoin’s movements near $100,000, altcoins like DOGE, SUI, PEPE, and FTM are also attracting attention for potential trading opportunities. Stay tuned for more updates on these cryptocurrencies and how they fare in the coming days.